Little Rock Apartment Complex Sold for $2.2 Million (Real Deals)

by George Waldon  on Monday, Feb. 18, 2008 12:00 am  

The sale was prompted by a $1.06 million judgment Little Rock's Pulaski Bank & Trust landed in March 2007 against Area Hospitality of West Little Rock LLC, led by Sidney Saleson and Robert Glick.

Area Hospitality acquired the property for $1.5 million in August 2004 from ISB Westlake LLC with the idea of developing a Hilton Garden Inn.

Napa Sale-Leaseback

An auto parts project in Jacksonville sold in a $1.1 million deal. GP Portfolio Landlord 1 LLC of Atlanta purchased the 0.6-acre Napa development at 1101 N. James St. from Genuine Parts Co. of Atlanta.

The store was used to help secure a 20-year loan of $16.2 million from Wells Fargo Bank Northwest of Salt Lake City.

The location was bought for $410,000 in March 2005 from William and Patsy Roetzel.

Car Wash Investment

Ownership of two car wash projects in Little Rock shifted in a transaction valued at $911,000.

CSW LLC, led by Willis Smith, and Norman Blasingame Inc. acquired the 7011 Cantrell Road and 2801 W. Markham St. properties in a 67/33 split. The sellers were Best Ever Group Inc. and Triple S Partnership, both led by Smith.

The 0.27-acre Cantrell Road development is securing a one-year loan of $1 million from BancorpSouth Bank of Tupelo, Miss. The 0.16-acre Markham Street development is backing a six-month loan of $996,000 from BancorpSouth Bank.

The properties previously were linked with a December 2006 mortgage of $892,500 held by the bank.

The projects were purchased in July 2000 as part of an $800,000 deal with U-Wash Inc. and H.L. Wadley Inc., both led by H.L. Wadley.

Office Acquisition II

A west Little Rock office property drew a $500,000 sale. 310 Natural Resources LLC, led by Neil and Rebecca Denman, bought its namesake property.

The seller is Harsu LLC, led by Raymond Harrill and Luther Sutter. The 0.4-acre development is funded with a 10-year loan of $450,000 from Arvest Bank of Fayetteville.

The 310 Natural Resources location previously was tied to a December 2002 mortgage of $175,000 held by Twin City Bank of North Little Rock. The property was acquired for $370,000 in May 1998 from David and Janice Ray.

Land Purchase

A 3.8-acre commercial site in North Little Rock is under new ownership after a $465,000 deal.

Krishana LLC, led by Kanti Sharolia, purchased the site at the northeast corner of Valentine and Barton roads from Speedco Inc. of Cayuga, Ind.



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